Question by  bwankel (45)

Can you carry over losses to next year's taxes?


Answer by  Att4372 (1704)

Many types of losses. Ordinary losses reduce adjusted gross income until AGI reaches zero. Capital losses above 3,000 are carried forward indefinitely. You take 3,000 each year until used up. Business losses can be carried forward OR backward. Losses on rental property (passive losses) in excess of 25,000 are carried forward.


Answer by  worker2746 (2434)

You can carry over losses to next year if it will be beneficial for you in the long run, without an issue.


Answer by  SubhashChander (1773)

Yes, the business losses of one financial year can be carried over legally to the next year in order to get relief in taxes.


Answer by  Thananjayan (20)

Yes, the losses can be carried forwarded to next year, provided the the return of income/loss has been filed on time.

You have 50 words left!